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Hornby Bay Basin
Mountain Lake Project
Sandy Creek Property
Dismal Lake Project
Kendall River Property
Athabasca Basin
Athabasca Overview
Pasfield Lake Project
Stony Road Project
Mann Lake Project
West Carswell Project
Wollaston NE Project
Old Fort Bay Project
River Lake Project
Highrock Project
Alaska
Boulder Creek Project
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Wollaston NE Project Latest News • Ground-based resistivity surveys completed on the Wollaston NE in February, 2007. Location The Wollaston NE property is located north of Wollaston Lake in northeastern Saskatchewan. It is immediately to the northeast of the Athabasca Basin. The center of the property is approximately 80 km to the northeast of Cameco Corporation's Eagle Point Mine. Size The Wollaston NE Agreement covers the six northern Mineral Prospecting Permits which cover an area of approximately 185,000 hectares. Prospecting permits were reduced and converted to claims at the end of 2006. Ownership The property is covered by two joint venture agreements. The Wollaston NE Agreement covers the six northern Mineral Prospecting Permits and is joint ventured with Roughrider Uranium Corporation (49%). A formal agreement was jointly signed and executed on July 29th, 2005. Annual work commitments for the permit block are $230,593 for the first year; the First Anniversary date is January 14, 2006 for the four core permits, and March 3, 2006 for the two smaller, peripheral permits. 2007 Exploration Recent advances in the understanding and modeling of the structural geometries of basement-hosted uranium deposits in the Athabasca Basin, such as Millenium, Sue C and Eagle Point are applied to refine targets on the property. 2006 Exploration Summary The objective of the 2006 exploration programs, airborne geophysics, ground geophyics, lake sediment geochemistry, and comprehensive digital compilation and lineament analyses, is to establish integrated geological-geochemical-geophysical targets for first-pass drill-testing. Compilation of all previous exploration work, and all regional government data sets covering the property is complete. January Fugro Airborne Surveys completed helicopter-borne DIGHEM V magnetic and EM surveys over eight separate grids, four on the Wollaston NE property for a total of 2,802 line kilometres. All grids were flown at 100 m line spacing to produce high resolution data. The DIGEM V survey was designed to improve upon, not duplicate, previous regional airborne surveys. New target areas are evident, associated with numerous conductors, sharply defined magnetic gradients, and faults and folds which offset and/or disrupt northeast magnetic and conductive trends. Several targets are particularly prospective because they are below lakes and have no evidence of previous exploration. September The DIGEM V survey was follow-up with a three-week surface reconnaissance exploration program in September, 2006, which included mapping, prospecting and lake sediment sampling. Total coast was approximately $376,000. Work included grid-based and lakeshore prospecting and geological mapping, as well completing an extensive lake sediment survey facilitated by a Bell 206 helicopter equipped with floats. A total of 1,289 samples were collected. Data are expected December, 2006. November Additional geophysical and remotely sensed data sets have been acquired from the public and private domain and integrated into the Company's existing project GIS database in order to facilitate a detailed lineament analysis and integrated structural study which is focused on the potential for structurally controlled uranium. Senior research officials at the Saskatchewan Research Council, Saskatoon, Saskatchewan, have been contracted to oversee and complete the study. December Ground-based resistivity surveys are being done on four separate grids on the combined property, contracted to Patterson Geophysics, La Ronge. Line spacing is 200m. Field work mobilized on November 19th, and is expected to take 4-6 weeks to complete, at a total cost of approximately $485,000 (approximately $175,000 to Roughrider Resources). Final processed data are not expected until February, 2007. Data from the ground resistivity program will refine the geometry of conductors and identify potential alteration in surrounding rock in the target areas. Reduction of Prospecting Permits to Mineral Claims will be required in 2007 Q2. Geology and Exploration History The property is on the along-strike continuation of the Wollaston-Mudjatic Mag Low Transition Zone along which all of the significant uranium deposits within the eastern part of the Athabasca Basin occur, including McArthur River. A broadly defined low on regional aeromagnetic maps defines the zone. There are numerous uranium occurrences on the property (SMDI: Saskatchewan Mineral Deposit Inventory occurrences). Previous exploration has delineated abundant conductors on the property. Cameco's basement-hosted Eagle Point Mine is located approximately 80 kilometres to the southeast, and part of the Rabbit Lake Operation, Saskatchewan's longest-standing uranium producer since opening in 1975. |
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